The provision in a reinsurance contract that designates that the losses to which the reinsurance applies are those losses that are covered under those original policies that are issued (as new or renewal policies) during the term of the reinsurance even if the actual date of the original loss happened after the termination of the reinsurance contract. (See also Loss Occurring During.)

A basis for a reinsurance treaty whereby the test of the reinsurer’s liability is when the original insurance was effected rather than whether the loss occurred or was notified during the reinsurance period.
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UK: A reinsurance treaty written on the basis that the reinsurer’s liability is based on when the underlying policy was effected and not whether the loss occurred or was notified.